TUI Travel Says Fredriksen’s Monteray Increases Stake to 4.03%

The Norwegian billionaire’s Monteray Enterprises Ltd. owns
almost 45.2 million shares of TUI Travel, Europe’s biggest tour
operator, the Crawley, England-based company said today in a
statement. Monteray notified TUI Travel in January that it owned
37 million shares, or about 3.3 percent of the stock.

Fredriksen is building his stake because he considers the
tourism company as undervalued, his aide Tor Olav Troim said
last month. The investor, who is chairman of Frontline Ltd., the
world’s biggest supertanker operator, owns about 15 percent of
TUI AG.